So far, three sets of Economic Impact Payments (also known as “stimulus checks”) have been issued to eligible recipients as part of the pandemic relief. Each set of payments have been slightly different and are outlined below.
The Third Round of Stimulus Checks
The most recent checks were included in the American Rescue Plan, which was enacted on March 11, 2021. Eligible individuals will receive a payment of $1,400 ($2,800 for married couples), plus an additional $1,400 per eligible child. However, those payments phase out quickly for incomes above $75,000 for single taxpayers, above $112,500 for taxpayers filing as head of household, and above $150,000 for married couples filing jointly. Taxpayers would be ineligible for any payment, unless they have a qualifying child, above the following income levels:
- $80,000 for single taxpayers
- $120,000 for taxpayers filing as head of household
- $160,000 for married couples filing jointly
Similar to previous iterations of the payments, most taxpayers will receive the funds by direct deposit. For Social Security and other beneficiaries who received previous payments via debit card, they will receive this third payment the same way. Overall, such payments are expect to cost $411 billion through 2030 according to the Congressional Budget Office.
The federal government has provided over $850 billion of direct payments to taxpayers
| First Round (CARES Act) | $1,200 per adult $500 per child | Single: $99,000 HOH: $136,500 Married: $198,000 | $292 billion |
| Second Round (Consolidated Appropriations Act) | $600 per adult $600 per child | Single: $87,000 HOH: $124,500 Married: $174,000 | $164 billion |
| Third Round (American Rescue Plan) | $1,400 per adult $1,400 per child | Single: $80,000 HOH: $120,000 Married: $160,000 | $411 billion |
SOURCE: Various cost estimates from the Congressional Budget Office. NOTES: HOH refers to the head-of-household tax filing status. The amount of each payment for married couples filing jointly was twice the size of the payment listed for singles above. For each round of payments, the amount started phasing out at an income level of $75,000 for singles, $112,500 for heads of households, and $150,000 for married couples.
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The Second Round of Stimulus Checks
The second round of stimulus payments were authorized on December 27, 2020 as part of the Consolidated Appropriations Act, 2021. Those payments typically totaled $600 per person, or $1,200 for married individuals, plus $600 for each qualifying child. The payments began phasing out at the same income levels as the current payments, but the maximum income levels to receive a payment were slightly higher. Taxpayers were ineligible for any payment, unless they had a qualifying child, above the following income levels:
- $87,000 for single taxpayers
- $124,500 for taxpayers filing as head of household
- $174,000 for married couples filing jointly
As of March 5, 2021, about $135 billion of the second round of payments have been sent out; overall, such payments are expected to cost a total of $164 billion according to the Congressional Budget Office.
The First Round of Stimulus Checks
The first round of stimulus payments were authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In 2020, the IRS had issued 162 million payments — totaling $271 billion. The Congressional Budget Office estimates that those first-round payments will eventually cost a total of $292 billion.
Those initial payments issued earlier in 2020 were $1,200 per person, or $2,400 for those filing jointly, plus $500 per qualifying child. The payments began phasing out at the same income levels as the current payments, but since the payments authorized under the CARES Act were larger, the maximum income levels to receive a payment were also larger:
- $99,000 for single taxpayers
- $136,500 for taxpayers filing as head of household
- $198,000 for married couples filing jointly
Learn more about the various policy measures that Congress has taken thus far to address the coronavirus.
Related: The National Debt Is Now More than $30 Trillion. What Does That Mean?
Image credit: Photo by Chip Somodevilla/Getty Images
This article was published when the first stimulus checks were deposited in April 2020. You can find information on the second stimulus check here.
The first wave of stimulus relief checks were deposited into some Americans' bank accounts over the weekend, according to the IRS. Millions more can expect to receive theirs in the coming weeks as part of the $2.2 trillion stimulus bill passed to aid Americans suffering financially as a result of the coronavirus pandemic.
To help taxpayers check the status of their payment, the IRS is rolling out a tracking tool called "Get My Payment" by April 17. The tool will also let users update their direct deposit information with the IRS.
The agency also unveiled an online tool for low-income Americans who do not typically file taxes to enter their banking information to receive a payment.
The checks, worth $1,200 for individuals with adjusted gross income below $75,000 and $2,400 for couples earning below $150,000, are part of the federal government's response to unprecedented unemployment levels and financial strain caused by Covid-19.
Those who filed 2018 or 2019 returns and authorized direct deposit from the IRS will be paid first. The U.S. Treasury Department announced Monday that tens of millions of Americans should receive their deposits by Wednesday, April 15, and the department "expects a large majority of eligible Americans will receive Economic Impact Payments within the next two weeks."
It will take much longer for others, including those who do not typically file returns or opt to receive paper checks. Paper checks won't start being mailed until the beginning of May, according to a memo from the House Ways and Means Committee, and the IRS plans to prioritize sending those checks to lower income households first.
And remember: Scammers are already trying to cash in on the stimulus payments. Be on high alert.
Editor's note: This post was updated with the Treasury Department's most recent announcement.
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Published Mon, Mar 29 2021 11:46 AM EDTUpdated Mon, Mar 29 2021 5:34 PM EDT
- As new $1,400 stimulus checks go out, some may be wondering why they haven't received their $1,200 or $600 checks.
- If you were left out of those earlier payments, or you received less than you were eligible for, there is still a way to claim the money.
- A recovery rebate credit available with 2020 tax returns will let you recover any unpaid stimulus funds.
Geber86 | E+ | Getty Images
As new $1,400 stimulus checks are sent to millions of Americans, some may still be wondering why they have not received money from the first two sets of direct payments.
The U.S. government has sent out three rounds of stimulus checks — for up to $1,200, $600 and $1,400 — over the past year in response to the coronavirus pandemic.
The first stimulus payments, for as much as $1,200 per person, were authorized by Congress last spring. Meanwhile, the $600 and $1,400 payments were signed off on more recently, in December and March, respectively.
The direct payments are aimed at individuals and families below certain income thresholds. Generally, those with adjusted gross income up to $75,000 for singles, $112,500 for heads of households and $150,000 for married couples who file jointly are eligible for full payments.
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The checks are phased out for incomes above those levels. Those terms vary per stimulus check.
If you did not receive any money from the previous checks — or if you received less than you were due — you can still try to claim the money from the U.S. government.
This tax season, a recovery rebate credit has been added to returns in order for people to file for any unpaid stimulus check funds.
But you need to send in a 2020 federal tax return in order to get that money. That's true even if you are not required to file a return, according to the IRS.
If you received any money through the first or second stimulus checks, you also need to know exactly how much was paid.
A recovery rebate credit worksheet can help determine whether you are eligible for more money, and for how much. Those instructions are available with Forms 1040 and 1040-SR.
If you file electronically, the tax software you use should help you calculate any unclaimed stimulus check funds.
You can file your federal tax return for free using the IRS Free File Program, so long as your income is $72,000 or less.
In order to get any stimulus check or tax refund money more quickly, the IRS recommends filing electronically and providing your bank account and routing numbers.
This tax season, the government is also issuing a third tranche of third stimulus checks for up to $1,400 per individual, plus $1,400 per eligible dependent.
Last week, the IRS and other agencies said about 127 million checks have been sent to date, for a total of approximately $325 billion.
Those $1,400 payments are generally based on 2019 or 2020 tax returns, whichever was most recently filed and processed by the IRS. Those who used the IRS non-filer tool last year should also automatically get their payments.
There are also advantages to filing a 2020 return in order to receive the $1,400 payment, according to the IRS.
If your income dropped from 2019 to 2020, you could be eligible for a larger payment. The IRS has said it may potentially send follow-on payments to those people after their 2020 tax returns are processed.
Filing a 2020 tax return also lets you update your direct deposit information.
This tax season, non-filers are also required to file a tax return in order to get their payment, provided they have not already submitted their information to the government.
Of note, people who receive federal benefits — such as Social Security, Supplemental Security Income, Railroad Retirement Board and Veterans Affairs — will generally receive their stimulus checks automatically, though there have been delays in processing some of those payments.
Submitting a tax return will let the IRS evaluate other benefits for which you may be eligible, such as the enhanced child tax credit, earned income tax credit or other benefits.
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